Charles Schwab is scrapping its political action committee, one of the most dramatic steps yet as companies rethink their donations to elected officials following the Jan. 6 riot at the U.S. Capitol.
The brokerage will stop accepting contributions from employees to its PAC, it said in a
A wave of corporations have made changes to their PAC giving since a mob supporting President Donald Trump stormed the Capitol last week, resulting in five deaths including that of a Capitol Police officer.
Policy changes could deprive some politicians of significant campaign funds.
Some companies, including AT&T and Walmart, stopped donations to Republican lawmakers who objected to certifying President-elect Joe Biden’s victory. Others, including BlackRock and JPMorgan Chase, said they would pause donations to all elected officials.
“In light of a divided political climate and an increase in attacks on those participating in the political process,” Schwab said in its statement, “we believe a clear and apolitical position is in the best interest of our clients, employees, stockholders and the communities in which we operate.”
